Philippines
Jollibee Foods Corp , the Philippine fast-food giant that purchased Coffee Bean & Tea Leaf in July, has expressed an interest in additional mergers or acquisitions in the United States and China.
Company c.e.o. Ernesto Tanmantiong told Reuters recently that Jollibee wants 30% of its overall revenue to originate in the United States within 10 years. Plans also call for increasing revenue in China to 30% while dropping Philippines revenue to 30%. About 73% of total revenue came from the Philippines prior to the Coffee Bean & Tea Leaf purchase.
"We want to spread our portfolio and risk," Tanmantiong told the news service. "There's huge opportunity out there."
The primary focus now, he said, is to reverse fortunes at Coffee Bean & Tea Leaf as well as Colorado-based Smashburger, another recent acquisition. Coffee Bean alone cost Jollibee $350 million. Coffee Bean maintains a strong presence in Southeast Asia and the Middle East, regions with growth potential.